Playa has owned both resorts since 2007. The resorts will close at the end of April and will undergo multimillion-dollar upgrades and expansions before reopening in late 2014.

Earlier this year, Playa entered into an agreement with an affiliate of Hyatt Hotels Corp. to be the first franchisee and initial management company for Hyatt's new all-inclusive brands, Hyatt Zilara and Hyatt Ziva.

Bruce Wardinski, CEO for Playa Hotels & Resorts B.V., stated, "Both of the resorts in Puerto Vallarta and Cancun enjoy premier locations in strong markets for all-inclusive properties. Although we continue to value our relationship with AMResorts, which currently operates these resorts and manages several other properties that we own, we identified an immediate and long-term advantage in converting these two resorts to the Hyatt Ziva brand."

Hyatt Ziva Puerto Vallarta has 337 guestrooms and suites, all with ocean views. It is 40 minutes from Puerto Vallarta's International Airport. Featuring several a la carte restaurants and an international buffet restaurant with chef cooking stations, additional dining options include a poolside café and grill. The hotel also has a swimming area with an adults-only pool, a complimentary children's club and onsite spa services. For meetings and events, the resort offers 8,500 sq. ft. of meeting space.

Hyatt Ziva Cancun has 378 guestrooms and suites, each decorated with contemporary Mexican design featuring marble and colonial mosaics, as well as a balcony or terrace. Located at the tip of Punta Cancun, the resort features Delphinus, a dolphinarium. It is located 30 minutes from Cancun International Airport. Much like Hyatt Ziva Puerto Vallarta, this resort features similar dining options and amenities. For meetings and events, the resort offers 6,100 sq. ft. of meeting space.